An experimental program has been initiated that will explore the very compact, high energy density regime of fusion based on the magneto-kinetic compression of the FRC. Of all fusion reactor embodiments, only the FRC has the simply-connected closed field, linear confinement geometry, and intrinsic high b required for magnetic fusion at high energy density. PHD takes advantage of the linear confining geometry by incorporating a traveling, burning plasmoid, significantly reducing the wall loading as well as keeping the formation well separated from the burn chamber. Being small, compact, and at high b greatly improves the exposed surface to reacting volume ratio. Being pulsed eliminates the need for flux sustainment, and provides for regulation of the average wall loading. A wide range of reactor scenarios are compatible with PHD including liquid metal walls with the prospect of direct energy conversion through cyclical wall compression/expansion.